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February 13, 2025
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Why is it asking me for information about a business?

  • February 13, 2025
  • 2 replies
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I don’t own a business
    Best answer by VolvoGirl

    Did you get a 1099NEC?  

    A 1099NEC is for self employment income.  Yes you are the owner of your own self employment business.  You are in business for yourself.  Use your own info.  The people or company that pays you is your customer or client.  You need to fill out schedule C for self employment business income.  You are considered to have your own business for it.  YOU are the business.

     

    To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.  Here's a Schedule C  https://www.irs.gov/pub/irs-pdf/f1040sc.pdf

     

    You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium or use any of the Desktop CD/Download programs.

     

    How to enter self employment income

    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

    2 replies

    February 13, 2025

    It may be because you entered a Form 1099-NEC. That would indicate that you had self-employment income. The IRS considers you to be owning a business in the instance.

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    VolvoGirl
    VolvoGirlAnswer
    Employee
    February 13, 2025

    Did you get a 1099NEC?  

    A 1099NEC is for self employment income.  Yes you are the owner of your own self employment business.  You are in business for yourself.  Use your own info.  The people or company that pays you is your customer or client.  You need to fill out schedule C for self employment business income.  You are considered to have your own business for it.  YOU are the business.

     

    To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax.  Here's a Schedule C  https://www.irs.gov/pub/irs-pdf/f1040sc.pdf

     

    You can enter Self Employment Income into Online Deluxe but if you have any expenses you will have to upgrade to Premium or use any of the Desktop CD/Download programs.

     

    How to enter self employment income

    https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653